Beachbody, Santa Monica, California, reported first quarter 2021 revenue of $243.3 million, the company shared this week.
Beachbody merged with Forest Road Acquisition, a special purpose acquisition company (SPAC), and with Myx Fitness Holdings in February. With the three-way merger, Beachbody became publicly traded because Forest Road Acquisition is publicly traded. Myx Fitness Holdings LLC, an at-home connected fitness platform featuring a bike and home studio.
Beachbody also announced it will launch in September a live interactive content subscription offering called BOD Interactive (BODi – pronounced “body”).
Nutritional and other revenue from the combined companies was $131.1 million (a 23 percent increase). Digital revenue was $97.5 million (a 56 percent increase). Connected fitness revenue was $14.7 million (an increase of more than 20 times).
“The results for Beachbody and Myx this quarter reflect the continued strong customer response to our dynamic and compelling content and holistic fitness and nutrition offerings,” Carl Daikeler, Beachbody’s co-founder, chairman and CEO, said in a release. “This performance demonstrates the relentless commitment to innovation in digital fitness and nutrition that we have honed for the past 22 years. We have built a truly differentiated subscription health and wellness company, predominantly funded by the cash flow from the business historically.”
Upon the completion of the merger, the company is poised to accelerate growth as it invests the proceeds of the transaction to further unlock value from its fitness content library, its community of subscribers, and synergies through the combination with Myx, he said.
The company has 3.2 million total digital and nutritional subscriptions, which is a 39 percent increase and a record high for total subscriptions, according to the company.
Beachbody reported a 95.8 percent month-over-month digital retention, a record quarter result and a 100-basis point increase.
Beachbody also had 56.9 million total streams, a record for first quarter streams result and a 71 percent increase.
The BODi launch will enhance the at-home experience with personalization and live interaction between members and trainers.
“BODi’s approach to fitness streaming will transform members’ living rooms into a high energy, group fitness class,” Daikeler said in a separate release. “What we believe distinguishes BODi from any other streaming fitness offering is the fact that BODi’s technology-enabled experience will allow subscribers and Beachbody trainers to have direct access to one another. This offering will further elevate live and connected at-home workout content with stunning production value. When combined with the ability to personalize music while remaining on beat with the instructor, BODi will provide an at-home fitness experience beyond anything in the market today.”
Through BODcast, members can opt-in to appear as part of the curated onscreen “cast” of the workout, with their image projected on the LED wall on stage during select classes.
Beachbody signed an agreement with Feed.fm’s B2B music licensing subscription service that will allow users to follow the trainer’s curated soundtrack for the workout, or choose from multiple genres so they can work out to music of their choosing while staying on beat with the rest of the class
BODi trainers will provide specific technique corrections to the BODcast, benefitting thousands of live viewers with specific form corrections and real-time motivation during every workout.
In addition to the BODi news, Beachbody recently announced a relationship with Fitness International, providing LA Fitness, Esporta Fitness and City Sports members the ability to add Openfit subscriptions to their existing gym membership
The three-way merger among Beachbody, Forest Road and Myx is expected to close in the second quarter of 2021, the company said. The combined company will be named The Beachbody Company and will be listed on the New York Stock Exchange under a new ticker symbol, “BODY.”